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Highlights
- Recharge Metals has acquired 100% ownership of the Carter Uranium Project, located in Montana, USA, with significant historical uranium resources.
- The project includes two major uranium deposits, Acadia and Mindy, with estimated high-grade resources and considerable potential for further expansion.
- Recharge Metals is raising AU$2.5 million to fund exploration over the next year, with experienced geologist Ben Vallerine joining the board as a Non-Executive Director.
Recharge Metals Limited (ASX:REC) has entered into a binding agreement to acquire 100% ownership of a 26 km² mining claim within the Powder River Basin in the United States. This acquisition, known as the Carter Uranium Project, positions the company to capitalize on the region's significant historic uranium resources. Located in southeast Montana, near the Wyoming border, the project is easily accessible via US Highway 212 and is approximately 75 km from Belle Fourche, South Dakota.
The Carter Uranium Project lies in an area that was heavily explored during the late 1970s and early 1980s by major mining and energy companies. Exploration in this part of the Powder River Basin, specifically its northern extension into Montana, was primarily driven by interest in uranium resources. Kerr McGee, a leading uranium producer during that era, alongside its joint venture partner Chevron, played a significant role in this exploration, drilling thousands of reconnaissance and delineation holes in and around what is now Recharge’s project site.
Recharge Metals has acquired a substantial database of historical exploration data and is currently reviewing this information to guide its strategy for future resource development. The Carter Uranium Project holds strategic significance as it is located within 250 kilometers of six permitted In Situ Recovery (ISR) uranium production facilities, which account for the majority of U.S. uranium production. ISR, which began commercially in 1974 in the Powder River Basin, remains the dominant method of uranium extraction in the region.
A key feature of the Carter Uranium Project is its uranium mineralization, which stretches over an 11-kilometer strike length and is hosted in roll fronts—an extensive system of uranium deposits along oxidation-reduction interfaces. The project includes two notable historical uranium deposits: the Acadia Deposit and the Mindy Deposit. The Acadia Deposit, which has an estimated resource of 3.7 million pounds of uranium at a grade of 1,250 ppm, lies mostly within Recharge's project area, with the company controlling 87% of its surface expression. Similarly, the Mindy Deposit holds an estimated 1.4 million pounds of uranium at a higher grade of 1,560 ppm, with Recharge securing 78% of the surface rights.
The exploration data indicates promising high-grade uranium intersections in the region. For instance, one drilling intersection recorded 1.83 meters of uranium mineralization at 5,400 ppm from a depth of 438 meters, while other drillings have revealed mineralization grades ranging from 1,700 ppm to 2,900 ppm at varying depths. These findings highlight the considerable potential for further resource expansion across the Carter Project, as multiple additional roll fronts have been mapped in the area.
Recharge Metals has also appointed Ben Vallerine, a seasoned uranium geologist with extensive U.S. experience, as a Non-Executive Director. Vallerine's expertise will bolster the company’s ability to navigate the complexities of the uranium sector in the U.S., particularly in the regulatory and geological landscapes of Montana and Wyoming.
In line with its aggressive exploration agenda, Recharge Metals plans to raise AUD 2.5 million to fund its work program over the next 12 months. This funding will support ongoing exploration activities, the review and analysis of historical data, and the delineation of additional uranium resources within the Carter Project area.
